Which of the Following Is True About Statistics

question 14

Multiple Choice

Which of the following is true about statistics?

• A)Numbers don't lie.All statistics have to be believed.
• B)Statistics can be made to say whatever you want them to say.No statistic should be believed.
• C)Any statistic that is based on data is likely to be correct.
• D)All statistics should be carefully scrutinized before determining whether or not they can be believed.Some are correct, and some are not.

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Definitions:

Downward-Sloping Demand

A representation of the inverse relationship between price and quantity demanded, depicted as a descending line on a graph.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, allowing for some market power and differentiated competition.

Monopoly

A situation where a single company or group exclusively controls the supply of a particular product or service, limiting competition.

Soft Drinks

Non-alcoholic beverages, typically carbonated, which do not contain alcohol but may include caffeine and added sugar or sweeteners.